2 comments:

the wealthy lost a greater % of their assets than anyone else in the last crash. they may well lose again. the crash hurt so many other people because the contagion was spread throughout the financial system. some got bailed out as they were deemed "too big to fail" - this was supposed to be fixed, but it hasn't been fixed.

and the so called moral hazard which is necessary for a market to function accurately has been sidelined by a fed that's to cowardly to take the punch-bowl away from the party - as Volcker and Reagan did in the 1980's.